Futhi Tembe, CEO of the Eswatini National Provident Fund (ENPF), has announced plans to convert the fund into a national pension scheme, which she believes will significantly boost the economy and reduce unemployment in the country. With over E6.5 billion in assets, the ENPF aims to increase local investments and create jobs, thereby driving economic growth and providing financial security for its members [2221f238]. Tembe highlighted that the fund currently holds substantial stakes in various sectors, including hospitality, industrial development, and telecommunications, which positions it well for this transformation.
The proposed changes will allow members under the age of 45 to automatically qualify for the new pension scheme, while those over 45 will have the option to buy back years of past contributions. Tembe reassured stakeholders that the existing contribution structure will remain unchanged, with both employees and employers continuing to contribute 5% [2221f238]. This initiative is designed to ensure that retirees receive a reliable monthly income, addressing issues of poverty and financial disparities among the aging population.
Tembe has encouraged the public to view this conversion as an investment in the nation’s future, emphasizing the goal of creating a legacy of comfort for retirees and increased employment opportunities for the youth. The ENPF's transition is seen as a crucial step towards enhancing social security and economic stability in Eswatini [2221f238].